[5:50 PM New York City, New York – Stocks on Wall Street rose and financials led the market indexes higher by 1% or more. Citigroup rose 4% after the third-largest bank reported strong earnings. Nike Inc surged on better revenues outlook and Netflix plunged 8% on weaker-than-expected U.S. subscriber additions.

S&P 500 index rose 12.33 or 0.6% to 2,006.57 and the Nasdaq Composite Index added 34.32 or 0.7% to 4,817.17.

Crude oil in New York fell 58 cents to $46.06 a barrel and gold rose $1.77 to $1,185.90 an ounce.

U.S. Budget Deficit Narrows

U.S. budget deficit narrowed to the lowest level since 2008 as the government receipts bounce back and the spending remains in check.

The fiscal 2015 budget deficit declined to $439 billion or 2.5% of gross domestic product from $483 billion or 2.8% in fiscal 2014.

Revenues in the fiscal year increased 8% to $3.249 trillion and spending increased 5% to $3.688 trillion.

The deficit has come down substantially after the government ramped up spending during the financial crisis years and recorded at least $1 trillion or more in each of fiscal years between 2009 and 2012.

U.S. Movers

Citigroup Inc (C) soared 3% or $1.54 to $52.26 after the financial services provider reported total revenues in the third-quarter ending in September plunged 5.4% from a year ago to $18.69 billion.

Net income in the quarter surged 53.6% to $4.29 billion or $1.35 per diluted share compared to $2.84 billion or 88 cents from the same quarter last year.

The bank said legal and related costs in the quarter declined to $376 million from $1.6 billion a year earlier and operating expenses plunged 18% as the bank exited businesses with no prospects of profits.

Deposits in the quarter dropped 4% to $904 billion and total loans plunged 5% to $622 billion.

Goldman Sachs Group Inc (GS) rose 1.3% or $2.24 to $181.99 after the bank and brokerage services provider said total revenues in the third-quarter ending in September declined 18% from a year ago to $6.86 billion.

Net income in the quarter tumbled 38% to $1.33 billion or $2.90 per diluted share compared to $2.14 billion or $1.98 from the same quarter last year.

As of September, total assets increased 2% to $881 billion and global core liquid assets were $193 billion.

European Markets

In London trading, FTSE 100 index increased 76.79 or 1.2% to 6,345.89 and in Frankfurt the DAX index gained 167.99 or 1.7% to 10,083.84.

In Paris, CAC 40 index jumped 73.87 or 1.6% to 4,682.87.

Repsol SA slumped 3% to €11.80 after the Spain-based oil and gas producer plans to sell assets worth about €6.2 billion or $7.1 billion between 2016 and 2020 and reduce the exploration and production investments for about 40% in the next five-years.

The energy explorer plans to use proceeds to repay the debt.

Tesco Plc fell 0.1% to 192.25 pence and the U.K.-based retailer agreed to sell of fourteen Spenhill development sites in London, the South East and Bath to a fund and clients advised by Meyer Bergman for about £250 million for mixed-use and residential development.

Unilever Plc jumped 3.4% to 2,884 pence after the U.K.-based food, home and personal care products maker reported revenues in the third-quarter ending in September soared 9.4% from a year ago to €13.4 billion.